Why Legendary Economists Liked Universal Basic Income
The idea wasn’t invented by today’s big-government left. It has intrigued thinkers from John Stuart Mill to Milton Friedman.
UBI intrigued these economists.
Photographs: London Stereoscopic Company/Keystone/Central Press/Getty Images
Is socialism on the march in the U.S., as President Donald Trump warned in the State of the Union address this month? Hardly, but some recent proposals undoubtedly raised the prospect of a sharp lurch to the left, most notably the growing enthusiasm among Democrats for a guaranteed cash payment to all members of society.
At first glance, the idea of a universal basic income, or UBI, reeks of pie-in-the-sky idealism. Nonetheless, it’s been gaining traction among U.S. progressives, even popping up in the recent discussions about a Green New Deal. In addition, it is part of the conversation in several countries, including India, and has already had a trial run in Finland, a country well known for its elaborate social safety net.